If you own a business property like a shopping mall, you can always seek additional financing from most lenders. Some of the institutions you can approach include banks and life insurance firms. However, to improve your chances of qualifying, there a few steps to follow. Read ahead for what you need to do get the best Atlanta commercial building loans.
Before setting out to look for the best financing the market can provide, you should first put your house in order. You have to be sure that everything a lender would ask for is ready, updated and accurate. Some of the things you can expect them to request for include your most recent tax returns and copies of leases. They need all such information in good quality and in a timely manner.
It is important to know the actual market value of your development at the moment of submitting your application. Financiers consider as unprofessional borrowers who think of their building at prices higher than their market value. You can seek the services of experienced agents to help you get the real worth of your development.
You need to have a workable business plan. Banks would like to understand your strategy as well us both your short and long term goals. You want to convince them, through your strategy, that the money will improve the value of your property. Alternatively, you can show them the ways through which the financing will improve your income.
To convince the banks, you should also have a clear and updated tenancy schedule. Most prospective borrowers do not take time to prepare the same and it hurts their chances of qualifying for loans. The document should show the current occupants of the building, the businesses they do and the rents they pay. It should also show rates per feet and lease timelines.
Be ready to present a well outlined corporate structure. If you have a complex one, you have to find a way of simplifying it to avoid being disqualified. Presenting a clear and accurate diagram will help the banks gain better understanding of your business. It also helps them to identify the key decision makers and contacts persons.
Sometimes to improve your chances of getting the best deals out there, you need to work with experts. Professionals who have been in this business for long have better understanding of what the lenders need. You can use their skills and experience to source for the best rates from banks that also provide friendly terms.
Before setting out to look for the best financing the market can provide, you should first put your house in order. You have to be sure that everything a lender would ask for is ready, updated and accurate. Some of the things you can expect them to request for include your most recent tax returns and copies of leases. They need all such information in good quality and in a timely manner.
It is important to know the actual market value of your development at the moment of submitting your application. Financiers consider as unprofessional borrowers who think of their building at prices higher than their market value. You can seek the services of experienced agents to help you get the real worth of your development.
You need to have a workable business plan. Banks would like to understand your strategy as well us both your short and long term goals. You want to convince them, through your strategy, that the money will improve the value of your property. Alternatively, you can show them the ways through which the financing will improve your income.
To convince the banks, you should also have a clear and updated tenancy schedule. Most prospective borrowers do not take time to prepare the same and it hurts their chances of qualifying for loans. The document should show the current occupants of the building, the businesses they do and the rents they pay. It should also show rates per feet and lease timelines.
Be ready to present a well outlined corporate structure. If you have a complex one, you have to find a way of simplifying it to avoid being disqualified. Presenting a clear and accurate diagram will help the banks gain better understanding of your business. It also helps them to identify the key decision makers and contacts persons.
Sometimes to improve your chances of getting the best deals out there, you need to work with experts. Professionals who have been in this business for long have better understanding of what the lenders need. You can use their skills and experience to source for the best rates from banks that also provide friendly terms.
About the Author:
Tom G. Honeycutt is a full-time real estate entrepreneur in Atlanta, GA. Tom helps readers by providing practical and useful knowledge to better understand lending choices. If you are looking for Commercial Finance Brokers he recommends you check out www.ifundinternational.com.
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